MOVF Management of Value Foundation Questions and Answers

A list of rejected ideas

A list of ideas or options that should be developed further

Plans to develop selected ideas into value improving proposals

Approved value improving proposals

Presenting recommendations for improving value

Understanding the purpose of the Study

Brainstorming ideas to improve value

Developing Value Improving Proposals

It provides information to feed into the MoV Policy

It is an idea-generation technique

It is based on detailed analysis of selected ideas or options

It is developed before an Option Evaluation Matrix

They provide a prescriptive framework for an organization to apply when using MoV

NOT all Principles will apply to all projects

An organization should use the Principles to develop their own policies and processes

They are industry-specific

Value Engineering is applied to improve evolving designs and Value Analysis is applied to improve existing products

Value Engineering is applied to manufactured and constructed products and Value Analysis is applied to services and business processes

Value Analysis is applied to determine required cost and performance targets and Value Engineering is applied to realize those targets

Value Analysis and Value Engineering, while similar, differ in that they employ different process steps

Value Drivers

Value Improving Proposals

MoV Study Handbook

MoV Project Plan

To provide a means of prioritizing stakeholders

To provide information to aid decision-makers when deciding whether to authorize a project

To describe the purpose of a series of MoV Studies throughout a project

To test early models or prototypes before a design is fixed

The Proposal Implementation Plan provides the project managers with details of the expected value improvements (or benefits)

Communication flowing from collaborative feedback enhances the effectiveness of MoV and helps build an appropriate culture

The Proposal Implementation Plan enables project managers to monitor and manage the implementation process

The Proposal Owners are NOT responsible for ensuring that their proposals are implemented

Presenting recommendations for improving value

Monitoring progress of the implementation plan

Agreeing the implementation plan

Developing Value Improving Proposals

Evaluation

Information

Creative

Development

To minimise the costs of delivering the project

To maximise benefits arising from the project

To meet stakeholder expectations

To avoid maximising value within one project that could diminish value across the wider programme